The fuel oil inventory spread between the US Gulf Coast and Japan narrowed to 6.668 million barrels, the tightest spread since January, comparison of recent data shows, reports Platts.
BNP Paribas said in its weekly oil inventories report, published Tuesday, that Japan fuel oil stocks totaled 15.4 million barrels during the most recent reporting week.
With US government data showing Gulf Coast stocks at 22.068 million barrels during the week ended April 11, the spread between the two markets was at its tightest since January 8, when it was 6.572 million barrels, data show.
The Gulf Coast-Japan fuel oil spread has averaged 8.912 million barrels in 2014.
Gulf Coast fuel oil stocks account for about 60% of total US stocks and 80% of total US fuel oil exports.
Meanwhile, the Gulf Coast-Amsterdam-Rotterdam-Antwerp area fuel oil inventory spread was 18.798 million barrels, compared with 18.456 million during the previous reporting week.
The Gulf Coast-ARA fuel oil spread has averaged 18.167 million barrels this year.